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Energy Resources, Domestic Investment and Economic Growth: Empirical Evidence from Nigeria

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  • SAIBU, Olufemi Muibi

Abstract

The paper examined whether investment serves asa channel through energy could promote economic growth in Nigeria. A model that incorporated energy as a separate input and as an indirect input was developed and estimated. The results showed that the potential of investment to enhance economic growth is significantly depressedbythe energy resources dependence. Although pubic investment was found to be a channel throughwhich energy resources enhanced economic growth in Nigeria. There is evidence that Dutch disease/resource curse problem is a Nigerian phenomenon as energy abundance is found to significantly impair economic growth in Nigeria

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 34392.

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Date of creation: 31 Dec 2012
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Publication status: Published in Iranica Journal of Energy & Environment 3.4(2012): pp. 321-329
Handle: RePEc:pra:mprapa:34392

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Keywords: Energy resources; Investment Economic Growth; Nigeria;

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  1. Halvor Mehlum & Karl Moene & Ragnar Torvik, 2002. "Institutions and the resource curse," Development and Comp Systems 0210003, EconWPA.
  2. Gylfason, Thorvaldur, 2000. "Natural Resources, Education, and Economic Development," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2594, C.E.P.R. Discussion Papers.
  3. Sachs, J-D & Warner, A-M, 1996. "Sources of Slow Growth in African Economies," Papers, Harvard - Institute for International Development 545, Harvard - Institute for International Development.
  4. Asafu-Adjaye, John, 2000. "The relationship between energy consumption, energy prices and economic growth: time series evidence from Asian developing countries," Energy Economics, Elsevier, Elsevier, vol. 22(6), pages 615-625, December.
  5. Dhaneshwar Ghura & Rina Bhattacharya, 2006. "Oil and Growth in the Republic of Congo," IMF Working Papers 06/185, International Monetary Fund.
  6. Bulte, Erwin H. & Damania, Richard & Deacon, Robert T., 2005. "Resource intensity, institutions, and development," World Development, Elsevier, Elsevier, vol. 33(7), pages 1029-1044, July.
  7. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  8. W.F. Maloney, 2002. "Innovation and Growth in Resource Rich Countries," Working Papers Central Bank of Chile, Central Bank of Chile 148, Central Bank of Chile.
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